7 Tips for Raising Wealthy Kids to Be Socially Responsible

How do parents with substantial assets raise fiscally and socially responsible children? How do you talk to your children about the wealth they are likely to inherit?

Many successful people with significant wealth don't know how to talk to their children about money. Emotions and a willingness to involve your children are often intertwined with estate planning, taxes, philanthropy and legal issues.

This is something I've seen firsthand. A very successful retired executive I knew left his kids a detailed note laying out whom to call when he met his demise, which unfortunately happened much sooner than his adult children expected. It included his financial adviser, attorney, CPA and other trusted advisers. While he thought he was being